BTC Wires

Algorand CEO Defends $60 Million Token Sale

The CEO of Algorand has come out in defence of the company’s recent token sale worth 60 million dollars. He has commented that the token sale, which was apparently determined by the market freely, had been successful in fulfilling their original intention: to make more people take note of blockchain.

In a comment to a crypto media outlet, CEO Steve Kokinos said that it was not for them to figure out the price. Instead, it revealed a genuine interest around the project, as the Dutch Auction system made sure of the fact that the market independently determined the asking price for “Algos”.

Algorand is basically a protocol based on the Proof of Stake to make features based in blockchain available to a larger set of people. Founded by MIT Professor and Turing awardee Silvio Micali, this project was originally meant to make better scaling possible and to improve upon existing consensus mechanisms. This would in turn enable the implementation of atomic swaps for the seamless trading of all crypto assets via a single platform.

It had been earlier reported in the month of February that Algorand was talking to Facebook about the possibility of an acquisition but that was seemingly discontinued, with the company not having commented on any such discussions with the social media giant.

Clearly, Algorand seems to have benefited from the so-called “ICO Lunacy” move of launching a $60 million token sale. Now that the CEO of the company himself has chosen to defend the decision to launch the sale, it seems it might have been a more well thought out decision than originally believed to have been.

Will it give Algorand any lasting benefits in the long run? Only time will tell us that, but as of now, it’s trading well over $3, giving us hopes of an even better performance soon.